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Noem: What They are Saying about Tax Reform

“This is a tax reform bill built for farmers, and Rep. Noem was integral in achieving that. From significantly lower tax rates to repealing the Death Tax, the Tax Cut and Jobs Act is more fair and takes a big step toward rewarding rather than punishing hard work and success.”

– Scott VanderWal, Farmer near Volga and SD Farm Bureau President, who testified before the House Ways & Means Committee on tax reform

“[Rep. Kristi Noem’s] hard work and persistence has made our progress to date possible and is our greatest asset in the serious fight to kill the Death Tax once and for all.”

– Grover Norquist, President of Americans for Tax Reform

“I believe that the Tax Cuts & Jobs Act will help small businesses like mine invest in more equipment, develop better processes, and compete better in the global market which will, in turn, result in more opportunities for employment as we grow and invest in our future.”

“High-quality child care can help more children be prepared to succeed in life. In fact, research shows that it can help to combat the major barriers that keep 71% of young Americans from being qualified to serve in the military. With child care costs on the rise, the Child and Dependent Care Tax Credit is a critical support for working families….”

– Major General Donald J. Goldhorn, U.S. Army, Retired – Castlewood, South Dakota

“The National Indian Health Board is very pleased to see that the draft House tax proposal includes a provision to make the IHS student loan repayment program tax exempt. This common-sense provision will not only create parity with other federal health programs, but will allow IHS to stretch their scarce resources further and provide more incentives for health professionals to work for the Indian health system… NIHB expresses our sincerest appreciation to Congresswoman Noem for her commitment to getting this included in the House tax legislation.”

– Caitrin McCarron Shuy, National Indian Health Board

“Prairie Aquatech will benefit from this tax plan by having a lower corporate tax rate and keeping the money locally to pay employees a higher wage. Since we are a research and development company, the R&D tax credits, interest deductions and being able to write off the cost of new equipment will help us get started as a new business….”

“Tax reform is absolutely necessary to ensure that ‘family’ remains the cornerstoneof our South Dakota farms and ranches now and for generations to come. Congresswoman Noem’s personal family farm experiences coupled with her position and influence on the Ways and Means Committee lend real life experience to the tax issues such as Estate Tax and Like Kind Exchanges that can be life changing for South Dakota farmers and ranchers.”

– Jerry Schmitz, President of the South Dakota Soybean Association

“Molded Fiber Glass Companies supports the proposed Tax Cuts and Jobs Act bill and sees it as a positive step in helping US, and in particular, South Dakota-based businesses, become more competitive with foreign-based businesses. We also see it as having avery positive impact on Middle Class families which make up our workforce.”

– David Giovannini, Sr. Vice President at Molded Fiber Glass Companies in Aberdeen

“The simplification of the filing requirements, the elimination of the Alternative Minimum Tax (AMT), and modification of the estate tax will take out a lot of the pain, shock, anger, and frustration that Americans feel about their taxes.”

“There are three items in the proposed tax cut bill that I see as vitally important to South Dakota. First of all, reducing the tax rate on the hard-earned business income of Main Street job creators…. Secondly, we need to preserve the home mortgage interestdeduction to help make the American Dream more affordable to our people…. And, last but not least, it is vital that the deduction for charitable contributions continues….”

“Due to the bill’s provisions that will dramatically improve the competitiveness of US-based corporations (including the immediate and permanent 20% tax rate) and encourage US economic growth and investment, 3M supports H.R. 1 and urges its reporting from the Committee during this week’s markup….”

– 3M with facilities in Brookings and Aberdeen

“Every dollar is critical to the small business owner in South Dakota, especially those who are just starting out. So any progress towards meaningful tax reform for the small business owner is welcome.”

– Jeff Eckhoff, State Director of the South Dakota Small Business Development Center

Is that in there? If so, that is another hidden tax that isn’t being talked about by Ryan, McConnell, and all the others. That would also impact farmers who have stopped actively farming and are renting out their land, unless they get a special deal.

As income but not as self-employment income with an added 15.3%. I am for lower taxes, not higher. Just because it goes towards social security doesn’t sell me on a tax increase. The government needs to rein in their spending, they don’t need to take in more taxes.

This is being touted as such a great tax cut for everybody, but simply shifting taxation to different sectors and different sources of income is not conservative. The Republican establishment needs to stop thinking in terms of re-distribution and start thinking in terms of cutting spending.

Anonymous 10:17 here. I did do a bit of reading and found that there this is in there. Very sneaky that this isn’t being talked about; I thought the point was to lower taxes, not just collect them in a different way!

The Republicans need to get some guts and push through straight tax cuts, not wage class warfare like the lefties.

Ahh I see. You think people only care about issues according to their self interest. It says alot about you, your values, and your character. Most people I know form their political views based on what they think is fair and right without regard to how it affects them. They also don’t think they should tax others to pay for programs they don’t want to pay for with their own taxes.

While I’m supportive of the estate tax in concept and having it apply to a much larger segment of the population, there are people I know (and who post on here) who are teachers and they support repeal of the estate tax.

So, in short you are both a liar and self-centered. I guess I shouldn’t be surprised. They often go hand in hand.

Why do you support a tax upon someone’s death? There may be something to not giving a stepped-up basis to assets, but to tax money and assets that have already been taxed in life is just wealth redistribution. Why should someone who has done well have to give to the government and have the government give to those who did not earn it?

President Obama’s biggest incomplete sentences. He wrongly assumed that Republicans could extrapolate the entire meaning of his statements.
1. If you like your policy, you can keep your policy (unless the insurance company stops selling it. That won’t be my fault.)
2. You didn’t build that (alone). Your business wouldn’t be where it is without the government providing essential services and infrastructure).

1) I absolutely do not support it as a form of wealth distribution.
2) I know the devil is in the details and how you get there but I would prefer to pay a lower rate over my lifetime and pay the taxes upon my death. In concept, if the estate tax raises $50 billion, the same amount would be passed back in rate reduction to those who are paying the estate tax. Thus, the more wealthy loaded the estate tax, the more loaded the rate reduction would be to higher income people.
3) You seem to grasp one part of my argument regarding the stepped up basis. I think there should be no difference in taxation whether I sell/transfer assets to a stranger or my children. As a matter of public policy, we should desire assets be in the hands who has the skills to optimize those assets. Idiot kids vs. an entrepreneur? I prefer the latter.
4) While supporting the estate tax, I don’t think death should trigger a liquidity problem so any estate tax should be paid over time.

2) The estate tax is only approximately 1% of the revenues raised, so it is not a large part of the money the government takes from the citizens to dole out based upon their collective “wisdom”. I don’t know if I would ever be subject to the estate tax, but on principal I don’t like to see something double-taxed, as the estate tax sometimes does.
3) I don’t care for a public policy argument whereby the collective tells someone who should have their assets when they die. Why should you or anyone be allowed to tell me that a stranger should have my assets as opposed to my children? I don’t know your children since I don’t know you, but I sympathize with you if your kids are idiots. I cannot empathize as my children are not. Apparently, though, you seem to believe that the group should be able to tell the individual what to do; I don’t subscribe to that Crazy Bernie philosophy, but I hear they do in Europe, so perhaps a move?
4) I still don’t support a death tax (yes, it’s a death tax, not a “silver spoon” tax as I saw some moron call it on an article I read), and I don’t think that if something was taxed during life the government should take more away because the government is best at determining who should get the decedent’s money. That is not the American way. Individuals have rights.

The government needs to put themselves on a diet, and that is still not being done.

Yes. I’m sure you maybe figured it out since it was a continuation of my prior post. For security or something, often my system logs me out of everything I’m in. However, this site doesn’t prompt me to log back in. So, I forget i’m not logged in. I apologize again.

The only tax which doesn’t decrease or impede the static level in the fruition of that being taxed is the death tax. At the end of the day the death tax only expands the size and scope of government over the private sector. Period!

“on principal I don’t like to see something double-taxed, as the estate tax sometimes does.”

Sometimes is right as many assets which transfer have their value via appreciation which NO taxes were paid which can continue conceptually without end. I’m not for wealth redistribution from the rich but I’m not for wealth redistribution to the rich either.

“I don’t care for a public policy argument whereby the collective tells someone who should have their assets when they die.”

I 100% agree. But I don’t think we should subsidize one choice over another. Further, because of the tax law, people make choices to pass on businesses to their children because it avoids taxation when otherwise they’d transfer to them money. My children are just fine.

“if something was taxed during life the government should take more away because the government is best at determining who should get the decedent’s money. That is not the American way. Individuals have rights.”

So, if assets/value has not been taxed, you think it should be taxed when transferred like every other sale?

“The government needs to put themselves on a diet, and that is still not being done.”

I agree. My conceptual support of a death tax does is conditional that it be revenue neutral and income taxes be reduced for those who otherwise would pay the inheritance tax (i.e. the rich).